NEOEN : Présentation chiffre d’affaires du 1er semestre 2020

H1 2020 revenue and operational data

July 28, 2020

Disclaimer

This presentation contains forward-looking statements regarding the prospects and growth strategies of Neoen and its subsidiaries (the "Group"). These statements include statements relating to the Group's intentions, strategies, growth prospects, and trends in its results of operations, financial situation and liquidity. Although such statements are based on data, assumptions and estimates that the Group considers reasonable, they are subject to numerous risks and uncertainties and actual results could differ from those anticipated in such statements due to a variety of factors, including those discussed in the Group's filings with the French Autorité des Marchés Financiers (AMF) which are available on the website of Neoen (www.neoen.com). Prospective information contained in this presentation is given only as of the date hereof. Other than as required by law, the Group expressly disclaims any obligation to update its forward-looking statements in light of new information or future developments.

2

1. H1 2020 operational data
2. H1 2020 revenue
3. Outlook
4. Appendices

H1 2020 highlights

• Revenue reaching 157 M€, up 33% year-on-year
• Continued strengthening of the secured portfolio despite Covid-19 crisis
• • Commissioning of 239 MW
  • Launch of construction of 544 MW, o/w 460 MW in Q2
  • 216 MW newly awarded projects, o/w 174 MW in Q2
• Outlook confirmed

Revenue (in M€)		GW in operation or	GW secured(1)
	under construction

	157		4.4
118		3.6	4.1
		3.0

H1 2019

H1 2020

31.12.2019

30.06.2020

31.12.2019

30.06.2020

(1) Assets in operation, under construction and projects awarded

4

Two successful green issues in H1 2020

200 M€

Syndicated loan linked to ESG criteria

(March 2020)

• This financing is made up of two tranches
• • A 125 M€ amortizing loan
  • A 75 M€ revolving credit facility
• This loan is secured but has not been drawn down
• Maturity date: 2024
• Linked to two ESG criteria
• • Corruption prevention
  • An independent ESG rating by Vigeo Eiris agency

170 M€

First ever European Green Convertible Bond

(May 2020)

• Interest of 2.0% from the Issue Date
• Maturity date: 2025
• Nominal unit value at a premium of 40% above Neoen's reference share price
• Proceeds allocated to finance or refinance

renewable energy production (solar PV, wind	L'Osière - France
power) or storage activities(1)

At the forefront of sustainable finance, Neoen is further optimizing its cost of financing and balance sheet

(1) In consistency with EU taxonomy requirements and with the Framework available on Neoen's website

5

Neoen entered the SBF 120 index in June 2020

Share price performance since IPO

Share capital breakdown (1) (2)

		39.2€ at 27.07.2020: +137% vs IPO
		Market capitalisation: 3.3 bn€
€40
€35
€30
€25
€20
€15	IPO price: 16.5€
Average daily volume: 826 k€	Average daily volume: 3 163 k€
€10

5.9% 2.9% Bpifrance Management

7.5%

FSP

33.7%	50.0%
Free-float	Impala

Source: Factset

Inclusion in the index reflects a strong increase in

market capitalisation and a higher liquidity

(1)	As of December 31, 2019	6
(2)	Number of shares: 85,088,748

1. H1 2020 highlights

1. H1 2020 revenue
2. Outlook
3. Appendices

Changes in the secured portolio

MW awarded	MW under construction		MW in operation

	+216	-544				+544	-239
1 082								1 498
					1 193
			+18	773
31.12.2019	Newly	Construction Net adjustment	30.06.2020	31.12.2019	Construction	MW commissioned	30.06.2020
	awarded H1	launched	of capacity			launched
	2020

	+239	2 085
1 847
31.12.2019	MW commissioned	30.06.2020

8

Neoen commissioned 239 MW in H1 2020

Capacity in operation (in MW)

	+96	2 085
	+143
	Hedet - 81 MW
	Fossat - 5 MWp
1 847	Saint Eloy - 5 MWp
	Azur Sud - 5 MWp	Capella - 143 MWp1 - El Salvador
	Capella - 143 MWp(1)

31.12.2019

Q1 2020

Q2 2020

30.06.2020

Hedet - 81 MW - Finland

(1) Including 3 MW / 2 MWh of storage

9

Major projects awarded in H1 2020

Newly awarded projects in France, Australia and Finland	Western Downs		Government tender

108 MWp

Full project capacity of 460 MWp

(108 MW of merchant capacity on top of 352 MW PPA)

(Construction already launched)

La Verte Epine

66 MWp

6 solar PV projects won in the CRE 4.7 tender (April 2020)

Yllikkälä Power Reserve

12 MW30 MW / 30 MWh

Located in Charentes	Largest battery in Finland
(Construction already launched)

216 MW newly awarded projects in H1, o/w 174 MW in Q2

10

Neoen builds the Nordics' largest battery storage unit

• Yllikkälä Power Reserve will be the largest battery to be connected to the Finnish grid
• It will provide the national electricity system with the benefits of rapid storage to mitigate frequency variations
• This roll-out of lithium-ionstationary batteries in Finland confirms Neoen's leadership in battery-based grid services
• It will contribute to harness Finland's substantial wind resources and speed up progress towards the country carbon neutrality target by 2035

30 MW / 30 MWh Q1 2021

Expected COD

11

Strong operating performance

	H1 2020	H1 2019	% chg.
Production (GWh)	2 067	1 330	+55%

Availability		Load factor

• Neoen's electricity generation totaled 2.1 TWh in H1 2020, up 55% year-on-year
• Average availability rates maintained at a very high level illustrating the Group's ability to optimize the use of its production assets
• Average load factor of solar assets slightly down in H1 2020
• • Less favorable irradiation conditions in Australia in H1 2020
  • Lower availability of an asset in Australia due to upgrade works on the grid in H1 2020 (now completed)

98.3%	98.6%	17.6%	34.4%	• Average load factor of wind assets slightly up in H1 2020
(99.0% in H1 2019)	(99.2% in H1 2019)	(18.2% in H1 2019)	(33.9% in H1 2019)	-	Excellent wind conditions in Europe in Q1 2020
				-	Lower availability of Australian wind farms in Q2 2020

12

1. H1 2020 highlights
2. H1 2020 operational data

1. Outlook
2. Appendices

H1 2020 revenue up 33% year-on-year

				In M€
					+17.3	-1.7	-2.7	157.2
		+16.1	-5.6
		-3.7
	+19.5
118.1
H1 2019	Half-year impact New capacity in	Prices	Volume	Storage	Other	FX (1)	H1 2020
revenue	2019	H1 2020			Australia			revenue
	commissioning

• Significant contribution from assets commissioned in 2019 and H1 2020 as well as early generation revenue recorded in H1 2020
• Lower average price at a wind farm in Australia due to the transition from early generation revenue(2) to PPA
• Negative volume effect mainly reflecting less favorable irradiation conditions in Australia and lower availability of certain Australian assets in H1 2020 despite excellent wind conditions in Europe in Q1 2020
• Strong one-off increase in HPR battery revenue in Australia in Q1 2020
• Limited negative FX impact; revenue up 35% at constant FX rates

(1)	Based on average FX rate in H1 2019
(2)	Short-term energy revenues prior to the implementation of a long-term contract	14

H1 revenue growth driven by strong performance in Q1

• Solar revenue up 34% year-on-year
• • Contribution from assets commissioned in Australia, Zambia, Jamaica and France in 2019 and in El Salvador and France in H1 2020
  • Early generation revenue from El Llano since the beginning of the year
  • Lower irradiation conditions in Australia and lower availability of an Australian asset due to upgrade works on the grid (now completed)
• Wind revenue up 12% year-on-year
• • Contribution of capacity added in Ireland and in France in 2019 and from Hedet in Finland in H1 2020
  • Excellent wind conditions in Europe in Q1 2020
  • Lower average price on a wind farm in Australia in H1 2020 due to the transition from early generation revenue to PPA and lower availability in Australia in Q2 2020

	Q1 2020	% chg. vs	Q2 2020	% chg. vs	H1 2020	% chg. vs
	Q1 2019	Q2 2019	H1 2019
In M€
Solar	38.2	+46%	35.3	+23%	73.4	+34%
Wind	35.8	+24%	23.0	-3%	58.8	+12%
Storage	21.6	x5,2	3.0	-29%	24.6	x2,9
Other(1)	0.2	n/a	0.2	n/a	0.3	n/a
Consolidated revenue	95.8	+61%	61,5	+5%	157.2	+33%
o/w contracted energy revenue	59.2	+18%	54.5	+10%	113.7	+14%
o/w merchant energy revenue	35.7	x4,6	5.9	-10%	41.5	x2,9
o/w other revenue(2)
0.9	n/s	1.1	n/s	2.0	n/s

• Storage revenue increasing strongly year-on-year
• • Strong one-off positive impact in Q1 2020 in Australia
  • Q2 2020 storage revenue declined year-on-year due to less favorable market conditions for the sale of network services (FCAS)

• Merchant revenue representing 26% of consolidated revenue
• • An exceptionally high-level reflecting non-recurring storage revenue in Australia in Q1 2020 and early generation revenue from Capella (3) in El Salvador and Hedet(3) in Finland in Q1 2020 and from EL Llano in H1 2020
  • As anticipated, market prices in Q2 2020 have been impacted across the board by the economic environment

1. Corresponding to the " Development and investment" segment
2. Other revenue chiefly comprises the development business and services to third parties

(3) Before the start of their PPA in Q2 2020	15

1. H1 2020 highlights
2. H1 2020 operational data
3. H1 2020 revenue

5. Appendices

A constantly fed pipeline, in line with our 2021 target

10.7 GW

11.2 GW

	5.4 GW
5.0 GW	Advanced
Advanced	development

development

	1.6 GW			1.4 GW
			Tender-ready
	Tender-ready
				0.8 GW
	1.1 GW			Awarded
	Awarded			1.5 GW			>5.0 GW
	1.2 GW		4.4 GW	Under construction	3.6 GW
			In operation or under
4.1 GW
Under construction		Secured		In operation or under		construction
Secured	1.8 GW	3.0 GW	capacity	2.1 GW	construction		at end 2021
capacity
	In operation	In operation or		In operation
		under construction
						Target end-2021
	31.12.2019			30.06.2020

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1.5 GW under construction across our three geographies

Finland

	Yllikkälä - 30 MW / 30 MWh
	COD expected in Q1 2021
	EUROPE - AFRICA
AMERICAS	191 MW under construction
583 MWp under construction
	France
	Solar(1) - 63 MWp
Mexico	Wind(2) - 57 MW
El Llano - 375 MWp	COD expectedbetween

Production suspended between the	Q4 2020 and 2021
3rd of May and the 21st of May
COD expected in Q3 2020

Argentina

Altiplano - 208 MWp

COD expected in Q4 2020

Mozambique

Metoro - 41 MWp

COD expected in H1 2021

Australia

AUSTRALIA

724 MW under construction

Australia

Western Downs - 460 MWp NEW in Q2 COD expected in 2022

Australia

Notes: Capacity under construction at 30 June 2020. Current best estimate of the timetable for commissioning of assets under construction given the Covid-19 outbreak

(1) Mer (15 MWp), Vermenton (14 MWp), Bregues d'Or (2 MWp), Antugnac (7 MWp), Levroux (10 MWp), Réaup-Lisse (15 MWp)

(2) Viersat (18 MW), La Garenne (10 MW), Le Mont de Malan (29 MW)

HPRx - 50 MW / 64.5 MWh COD expected in September 2020

Bulgana - 214 MW

(incl. 20 MW / 34 MWh of storage)

COD expected in Q4 2020

30 MW already injecting into the network

18

2020 guidance confirmed

2020

Between 270 M€ and 300 M€

at constant exchange rates(1)

EBITDA

EBITDA margin above 80%

• This target takes into account
• • Current best estimate of the timetable for commissioning of assets under construction
  • The current level of market prices
  • The one-off increase in storage revenue in Q1 2020
  • Normal production level at El Llano in Mexico maintained until the end of the year

(1) At constant exchange rates compared to 2019

19

Outlook for 2021 and 2022 reiterated

2021 & 2022

More than 5.0 GW of capacity under

Capacityconstruction or in operation by the end of 2021,

fully operational by the end of 2022

• These targets take into account

- Current best estimate of the timetable for the completion of the Group projects

EBITDA	Above 400 M€ at constant exchange
rates(1) in 2022

(1) At constant exchange rates compared to 2019

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1. H1 2020 highlights
2. H1 2020 operational data
3. H1 2020 revenue
4. Outlook

A diverse portfolio of high-quality assets

Technology breakdown		Geographic breakdown		Contracted vs merchant breakdown(2)

6%	13%
25%

25%

3.6 GW(1)

3.6 GW(1)

45%

3.6 GW(1)

87%

69%

31%

Solar Wind Storage

Australia

Europe-Africa

Americas

Under PPA

Merchant

(1)	Capacity in operation or under construction as of June 30, 2020	22
(2)	Weighted average by MW for assets in operation or projects under construction as of June 30, 2020

Revenue by technology and geography

			Revenue by technology
H1 2019	7%	2%	H1 2020		0.2%
	16%
		46%			47%
45%				37%
Solar	Wind Storage Development		Solar Wind Storage Development
			Revenue by geography
H1 2019	7%		H1 2020	16%

	52%	44%
41%
		40%

Australia	Europe - Africa	Americas	Australia	Europe - Africa	Americas

23

Quarterly and half-year revenue

	Q1 2020	Q1 2019(1)	% chg.	Q2 2020	Q2 2019	% chg.	H1 2020	H1 2019	% chg.
Revenue (in M€)
Solar	38.2	26.1	+46%	35.3	28.8	+23%	73.4	54.9	+34%
Wind	35.8	28.9	+24%	23.0	23.8	-3%	58.8	52.7	+12%
Storage	21.6	4.2	x5,2	3.0	4.2	-29%	24.6	8.4	x2,9
Other(2)	0.2	0.3	n/a	0.2	2.0	n/a	0.3	2.2	n/a
Consolidated revenue	95.8	59.4	+61%	61.5	58.7	+5%	157.2	118.1	+33%
o/w contracted energy revenue	59.2	50.3	+18%	54.5	49.7	+10%	113.7	100.1	+14%
o/w merchant energy revenue	35.7	7.8	x4,6	5.9	6.5	-10%	41.5	14.3	x2,9
o/w other revenue(3)	0.9	1.3	n/s	1.1	2.5	n/s	2.0	3.8	n/s

(1)	Revenue excluding the biomass business sold in September 2019
(2) Corresponding to the " Development and investment" segment	24
(3)	Other revenue chiefly comprises the development business and services to third parties

Capacity added in 2019

Project	Technology	Capacity (MW)	Country	COD Date
Azur Est	Solar	9	France	March 2019
Corbas 3 & 4	Solar	8	France	March 2019
Bangweulu	Solar	54	Zambia	April 2019
Azur Stockage	Storage	6	France	May 2019
Corbas 1 & 2	Solar	8	France	May 2019
Auxois Sud 2	Wind	16	France	June 2019
Numurkah	Solar	128	Australia	August 2019
Irish wind farms(1)	Wind	53	Ireland	August 2019
Les Hauts Chemins	Wind	14	France	August 2019
Miremont	Solar	10	France	October 2019
Saint-Avit	Solar	11	France	October 2019
Paradise Park	Solar	51	Jamaïca	November 2019
		Total capacity: 369 MW

(1) Acquired in August 2019

25

Capacity commissioned in H1 2020

Project	Technology	Capacity (MW)	Country	COD Date
Capella	Solar	143(1)	El Salvador	March 2020
Azur Sud	Solar	5	France	April 2020
Saint-Eloy	Solar	5	France	April 2020
Fossat	Solar	5	France	April 2020
Hedet	Wind	81	Finland	June 2020
		Total capacity: 239 MW

(1) Including 3 MW / 2 MWh of storage

26

Total portfolio capacity

In MW	30.06.2020	31.12.2019	Change
Assets in operation	2 085	1 847	+239
Assets under construction	1 498	1 193	+305
Subtotal, assets in operation or under construction	3 584	3 040	+544
Projects awarded	773	1 082	-309
Total Secured capacity	4 357	4 122	+234
Tender ready projects	1 435	1 563	-128
Advanced development projects	5 381	4 966	+415
Total Advanced pipeline capacity	6 817	6 529	+287
Total portfolio capacity	11 174	10 652	+522
Early stage projects	>4 GW	>4 GW

27

Financial agenda and contact information

Next events

• 23.09.2020: H1 2020 results
• 09.11.2020: 9M 2020 revenue and operational data

Investor relations

• [e-mail]

28

Thank you for listening

ARGENTINA

AUSTRALIA

COLOMBIA

ECUADOR

EL SALVADOR

FINLAND

FRANCE

IRELAND

JAMAICA

MEXICO

MOZAMBIQUE

PORTUGAL

USA

ZAMBIA